Taking profits - CFR
The trade on Compagnie Financiere Richemont SA (CFR) had its fair share of surprises from moving higher from the entry price to breaking lower from there. The trade finally pulled through for the win and what a win this was! $$$
Trade Update:
The price has moved to the top of the channel as discussed in the initial trade note and might retrace from there as traders are taking their profits. My feeling is that as long as the rand depreciates against the dollar we might just see the price action break out of the channel and move higher. So I have moved my stop to my target price locking in profits and waiting to see what happens.
Always remember to apply your risk management measures before placing your trades as this will keep you trading in the markets.
Read more notes by Barry HERE.
All charts sourced from Bloomberg
Barry Dumas | Trading Specialist at GT247.com
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